Insurance
“an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.”
The River Gallery Body Corporate has several insurance policies in places to protect against a variety of risks. In particular, Body Corporate has a Contents Insurance Policy which protects Owners against damage to some (but not all) of their Unit’s contents.
What does this Policy cover?
Damage to all or any fittings, fixtures and wall decorations that were in place when the Unit was first handed over such as oven, hob, wall coverings, cabinetry, bathroom fittings etc. Policy also covers those items if they have been subsequently upgraded or replaced provided the Owner has informed the Body Corporate in writing of those changes and their value.
What does the policy not cover?
Carpets and all furniture, clothing, equipment, jewellery, personal items in the Unit. Owners are advised to take out a personal Household Contents Policy that includes Third Party Liabilities cover.
How to make a claim
In the event of a claim or potential claim against the Body Corporate’s Insurance Policy, the Owner should immediately inform the Body Corporate Managers. Their claim or potential claim will then be dealt with by the Body Corporate’s Insurers via the Body Corporate’s Insurance Broker.
Note: If an Owner decides to carry out refurbishment works in addition to the repairs agreed with Insurers then the repair works and their costs must be clearly distinguished from any other works on any invoice submitted in settlement. Insurers may decline to settle if the repair costs are not clearly defined in the submitted receipted invoice.